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Question 5: (15 points) A survey by KRC Research for U. News reported that 37% of people plan to spend more on eating out after they retire.
Question 5: (15 points)
A survey by KRC Research for U.S. News reported that 37% of people plan to spend more on eating out after they retire. If eight people are randomly selected, what is the probability that:
- Exactly five people plan to spend more on eating out after they retire
- Fewer than four people plan to spend more on eating out after they retire
- More than two people plan to spend more on eating after they retire
Question 6: (20 points)
The Iverson Investment Company recently gave a public seminar in which its representative discussed a number of issues, including investment risk analysis. In that seminar the company reminded people that the coefficient of variation often can be used as a measure of an investment's risk. To demonstrate the point, it used two hypothetical stocks as examples. x is used to represent the change in assets for a $1000 investment in stock 1 and y is used to represent the change in assets for a $1000 investment in stock 2. The probability distributions are shown below:
